June 29, 2022
Louis Diamond Quoted
by Hayley Cuccinello
With the stock market tumbling and IPOs at a standstill, many banks have enacted hiring freezes. Layoffs loom large, and already thousands of mortgage lenders at Wells Fargo and JPMorgan have been laid off due to interest rate hikes.
But for private bankers who service the wealthy, hiring hasn’t slowed down in the slightest, three recruiters told Insider.
Despite the economic downturn, established private bankers who can bring clients to new firms are “almost immediately revenue-positive,” according to recruiter Louis Diamond of Diamond Consultants.
His clients have not changed their hiring plans, and candidates are not backing away from making moves.
Demand still far outstrips supply, said headhunter Fira Yagyaev, and private banks aren’t just eager to hire more bankers.
